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VNDIRECT Securities Corp (VND) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of VNDIRECT Securities Corp VND 17,268, price VND 14,750, upside +17.1%, quality 36 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
  3. Add to watchlist

Financial Services · VN · ISIN VN000000VND7

VS Thin data Sep 24, 2026

VNDIRECT Securities Corp

VND · VN

SpeculativeUpside exists, but weak quality makes the signal speculative.

✓Fair value 17,268 VND · Undervalued (+17%)
!Quality 36/100
!Expensive Growth (revenue 5y +23.4 %/yr)
✓Highly profitable · 37.8% net margin (TTM)
!Low debt · negative free cash flow
✓Ranks above peers (10/13)
✓Wide moat 67/100
!Insider activity 35/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

27,842 VND 4,335 VND Fair Value 17,268 VND Dec 2020 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range 4,335 VND – 27,842 VND · fair‑value band 10,888 VND – 21,585 VND · the 14,750 VND price screens below the 17,268 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

VNDIRECT Securities Joint Stock Company provides various investment products in Vietnam.

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VNDIRECT Securities Joint Stock Company provides various investment products in Vietnam. The company offers investment services, including asset management and investment advisory, and securities trading and brokerage services, as well as margin products; and asset portfolio products comprising DSAVE for defense assets, DINVEST for life-long assets, and DTRADE for stock investment. It also provides investment institutions services, such as securities, market creation, investment analysis, and debt market services, as well as relation between business and investors; and capital market, debt capital market, merger and acquisition consulting, and investor relation and corporate financial consulting services. In addition, the company offers D-BOARD, an online trading platform for stocks, bonds, fund certificates, and various types of financial assets; STOCKBOOK, an information portal that connects the investor community with an information platform and the in-depth analysis of stocks, bonds, and various types of investment assets, as well as investment analysis reports from experts and investment communities; and DWEALTH Academy. Further, the company provides PROTRADE, a trading platform for professional investors; iVND, a personal property management platform; Bankgate, an online payment platform; and PROTRADE Trial, a virtual derivative transaction platform. VNDIRECT Securities Joint Stock Company was incorporated in 2006 and is headquartered in Hanoi, Vietnam.

Stock analysis

VNDIRECT Securities Corp (VND) currently trades at 14,750 VND, while our model-based Fair Value estimate is 17,268 VND, implying the stock looks roughly 14.6% undervalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of 44,629 VND per share, and 5 of the 9 models we run sit above the 14,750 VND price.

Bear case: the Dividend Discount group reads lowest at 6,394 VND, and 4 of the 9 models stay below the price. Evidence for this calculation is low.

Scenario range: 10,888 VND (bear) to 21,585 VND (bull), the price of 14,750 VND sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 36/100 (below-average quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

VNDIRECT Securities Corp reported revenue of 3.7T VND in FY2025 versus 2.9T VND in FY2021, a compound +6.3%/yr. Reported net income was 2.0T VND in FY2025, compounding −4.0%/yr from FY2021.

Key figures

Market cap 25.4T VND · P/E ratio 10.3 · P/S ratio 5.62 · EPS (TTM) 1,435 VND · Dividend yield 3.0% · Net margin 54.7% · Return on equity 10.5% · Return on assets (EBIT) 4.6%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (low confidence).

What moves the price

The share trades about 36% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −20% fair-value upside, at 17%, VND screens cheaper than that median.

Fair Value models

Bear 10,888 VND Fair Value 17,268 VND Bull 21,585 VND
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (1,050 VND per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Residual Income 11,268 VND 12,167 VND 13,970 VND 76
Owner Earnings 23,171 VND 44,629 VND 81,855 VND 73
Gordon GGM 3,885 VND 7,000 VND 9,636 VND 68
All 9 models by family
DCF Models
Owner Earnings 23,171 VND 44,629 VND 81,855 VND 73
Earnings-Based
Graham-Dodd 9,033 VND 55,406 VND 77,306 VND 63
Lynch FV 15,881 VND 22,688 VND 29,494 VND 61
Dividend Discount
Gordon GGM 3,885 VND 7,000 VND 9,636 VND 68
DDM Multi-Stage 3,885 VND 6,394 VND 7,478 VND 67
Multiples
P/E Multiple 12,951 VND 17,268 VND 21,585 VND 63
P/B Multiple 14,418 VND 19,224 VND 24,029 VND 55
Asset-Based
NCAV (Graham) 6,866 VND 9,200 VND 13,731 VND 54
Economic Profit
Residual Income 11,268 VND 12,167 VND 13,970 VND 76

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Quality Score breakdown

Overall quality 36/100

Of which business quality 32 · Market factors (momentum, volatility) 29

Profitability 38
Margins and returns on capital today
Quality Growth 48
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 28
Balance sheet, leverage, solvency risk
Investment 62
Disciplined investing over empire-building
Low Volatility 55
Calm price path (market factor)
Momentum 25
Price trend over the last 3–12 months (market factor)
52W Momentum 5
Distance to the 52-week high (market factor)
Net Issuance 40
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+27.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+23.4%
Start year 2020 (pandemic)
Revenue growth 6 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+24.6%
What shareholders gained per year (last 5 years), in VND ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in VND: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−2.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−5.1%
Dividend (yield on the price)3.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.68% → 58%

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Capital Markets · 463 stocks

Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 37 · Bottom 25%
Fair Value upside +17% · Above median
Profitability
Return on equity (TTM) 11% · Above median
Return on assets 4% · Above median
Net margin (TTM) 38% · Top 25%
Operating margin (TTM) 79% · Top 25%
Growth and dividend
Revenue growth 41% · Above median
Dividend yield (TTM) 3.0% · Above median
Balance sheet
Debt / equity 0.10× · Below median

Valuation Multiplesvs Capital Markets median · lower = cheaper

P/E (TTM) 10.3× · Cheaper than median
P/B 1.22× · Pricier than median
P/S (TTM) 4.40× · Pricier than median
EV/EBITDA 10.2× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)56 · sector 27
FUTURE (revenue growth)100 · sector 91
PAST (return on equity)42 · sector 30
HEALTH (low debt)95 · sector 95
DIVIDEND (yield)60 · sector 41

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Capital Markets stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Morgan Stanley, a financial holding company, MS $200.18 $312.73 +56%
The Goldman Sachs Group GS $949.49 $756.89 −20%
The Charles Schwab Corporation SCHW $100.35 $117.26 +17%
Interactive Brokers Group IBKR $91.88 $23.37 −75%
Robinhood Markets, Inc HOOD $124.25 $47.73 −62%
Macquarie Group MQG A$242.35 A$75.58 −69%
CITIC Securities Company 600030 ¥26.79 ¥18.35 −32%
Guotai Haitong Securities Co 601211 ¥17.67 ¥19.29 +9%
East Money Information Co 300059 ¥18.77 ¥4.94 −74%
CSC Financial Co 601066 ¥23.67 ¥39.83 +68%

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VNDIRECT Securities Corp · Fair Value
17,268 VND +15%Fair Value
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Cite: Fair Value Calculator (2026). "VNDIRECT Securities Corp Fair Value". https://www.fairvalue-calculator.com/stock/VND

Frequently asked questions

Is VNDIRECT Securities Corp (VND) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 17,268 VND versus a price of 14,750 VND, about +17% upside (undervalued).
What is the fair value of VND?
Our model-based fair value for VNDIRECT Securities Corp is 17,268 VND (as of Sep 24, 2026), built from audited fundamentals. The current price: 14,750 VND.
What is the quality score of VND?
VNDIRECT Securities Corp has a Quality Score of 36/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for VNDIRECT Securities Corp (VND)?
Our model-based price target is the fair value of 17,268 VND (as of Sep 24, 2026) from 9 valuation models. Cautious scenario 10,888 VND, optimistic scenario 21,585 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the VNDIRECT Securities Corp stock forecast for 2026?
Our models put fair value at 17,268 VND, about +17% upside versus a price of 14,750 VND (undervalued). Cautious scenario 10,888 VND, optimistic scenario 21,585 VND. The calculation is refreshed regularly with new filings.
What is the revenue of VNDIRECT Securities Corp (VND)?
VNDIRECT Securities Corp reported trailing-twelve-month revenue of about 5.8T VND (latest available figure, as of Sep 24, 2026).
Does VNDIRECT Securities Corp pay a dividend?
VNDIRECT Securities Corp currently shows a dividend yield of about 2.99% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of VNDIRECT Securities Corp (VND)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For VNDIRECT Securities Corp it is 17,268 VND per share (as of Sep 24, 2026), against a price of 14,750 VND. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is VNDIRECT Securities Corp stock overvalued or undervalued in 2026?
As of Sep 24, 2026, VND trades below its calculated fair value: price 14,750 VND, fair value 17,268 VND, a gap of about +17% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of VND?
No. The price is what the market pays today (14,750 VND); the fair value is what the company's own numbers justify (17,268 VND). For VNDIRECT Securities Corp the two are 2,518 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is VNDIRECT Securities Corp worth?
The market values VNDIRECT Securities Corp at about 25.4T VND (market capitalisation, as of Sep 24, 2026). Per share that is 14,750 VND; our models calculate a fair value of 17,268 VND per share.
What do the bullish and bearish scenarios say about VND?
Our models span a range for VNDIRECT Securities Corp: cautious scenario 10,888 VND, base 17,268 VND, optimistic 21,585 VND per share (as of Sep 24, 2026, price 14,750 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VND?
VNDIRECT Securities Corp trades at a price-to-earnings ratio of 10.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 17,268 VND is built from several models across several years. Other multiples: P/B 1.2, P/S 4.4, EV/EBITDA 10.2.
How solid is the balance sheet of VNDIRECT Securities Corp (VND)?
Balance-sheet figures for VNDIRECT Securities Corp (as of Sep 24, 2026): return on equity 10.5%, debt of 0.10 per unit of equity. They feed the Quality Score of 36/100, which measures business quality independently of the share price.
How far is VND from its 52-week high?
VNDIRECT Securities Corp trades at 14,750 VND, about 36% below its 52-week high of 23,180 VND and 6% above the low of 13,898 VND (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 17,268 VND is for.
Which stocks are comparable to VNDIRECT Securities Corp?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is VNDIRECT Securities Corp stock attractive at the current price?
The data as of Sep 24, 2026: price 14,750 VND, calculated fair value 17,268 VND (+17%), Quality Score 36/100, from 9 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of VND calculated?
We run VNDIRECT Securities Corp through 9 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 17,268 VND, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. VNDIRECT Securities Corp currently trades 17 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of VNDIRECT Securities Corp (VND)?
The closing price on Sep 23, 2026 was 14,750 VND. Our model-based fair value is 17,268 VND, about +17% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with VNDIRECT Securities Corp right now?
A fairly wide model range (10,888 VND to 21,585 VND) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of VNDIRECT Securities Corp

How large is the market capitalisation of VNDIRECT Securities Corp (VND)?
The market capitalisation of VNDIRECT Securities Corp is 25.4T VND. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of VNDIRECT Securities Corp (VND)?
The price-to-sales ratio of VNDIRECT Securities Corp is 5.62 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of VNDIRECT Securities Corp (VND)?
Earnings per share at VNDIRECT Securities Corp are 1,435 VND (price ÷ EPS = P/E 10.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of VNDIRECT Securities Corp (VND)?
The dividend yield of VNDIRECT Securities Corp is 3.0% (payout 30.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of VNDIRECT Securities Corp (VND)?
The net margin of VNDIRECT Securities Corp is 54.7% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of VNDIRECT Securities Corp (VND)?
The return on equity (ROE) of VNDIRECT Securities Corp is 10.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of VNDIRECT Securities Corp (VND)?
On an EBIT basis the return on assets of VNDIRECT Securities Corp is 4.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of VNDIRECT Securities Corp (VND)?
The operating margin of VNDIRECT Securities Corp is 79.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at VNDIRECT Securities Corp (VND)?
Revenue at VNDIRECT Securities Corp is growing +40.6% versus a year earlier (3y avg +4.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at VNDIRECT Securities Corp (VND)?
Earnings per share at VNDIRECT Securities Corp are growing +42.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does VNDIRECT Securities Corp (VND) generate?
The free cash flow of VNDIRECT Securities Corp is −4.5T VND (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does VNDIRECT Securities Corp (VND) carry?
The net debt of VNDIRECT Securities Corp is 27.1T VND (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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